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This article explains four ways of avoiding property tax reassessments that every homeowner in California should know. The property tax rate imposed on California homeowners is equal to 1% to 1.25%( more in some areas) of the property’s assessed value at the time of purchase. The assessed value is equal to the current market value of the property as of the date there is a change in ownership, plus a yearly increase in value based on inflation. Proposition 13 mandates that the yearly increase does not exceed 2% of the previous year’s value.
It is important to determine to determine if your property qualifies for one of these exclusions when you sell or transfer the property.
Based on information from California Regional Multiple Listing Service, Inc. as of 2018-12-11. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.